Building Panels Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032
The Global Building Panels Market was valued at USD 66.3 billion in 2023 and is projected to grow at a CAGR of 7.5% from 2024 to 2032. This robust growth is driven by rising urbanization, particularly in developing regions across Asia-Pacific and Africa, where demand for affordable and sustainable construction solutions is surging. Governments and private developers are increasingly turning to building panels to streamline residential and commercial construction while reducing costs. As urban populations expand, the need for modern infrastructure—such as schools, hospitals, and office spaces—is fueling the demand for durable and versatile materials like building panels.
The building panels market is segmented by material into concrete panels, wood panels, structural insulated panels (SIPs), vacuum insulated panels (VIPs), and others. Among these, structural insulated panels stood out, generating USD 23.4 billion in revenue in 2023. These panels are highly sought after for their superior thermal insulation properties, which significantly reduce energy consumption and cut heating and cooling expenses. With energy costs rising, there is an increasing focus on energy-efficient construction solutions, making structural insulated panels a popular choice in both residential and commercial buildings.
Based on installation type, the market is categorized into floors, roofs, walls, and others. In 2023, the floors segment led the market, capturing a substantial 39% share. This growth is fueled by tightening global energy regulations, which are driving the adoption of materials that meet higher thermal and acoustic performance standards. Building panels designed for flooring are gaining traction for their ability to enhance both insulation and structural integrity. Additionally, the rising popularity of eco-friendly materials—such as engineered wood and lightweight composites—continues to boost market demand. These panels are also pivotal in prefabricated and modular construction, delivering faster assembly times and cost-efficiency for large-scale projects.
The U.S. building panels market generated USD 13.2 billion in revenue in 2023 and is expected to grow at an impressive CAGR of 7.9% from 2024 to 2032. The strong housing market, fueled by urbanization and increasing demand for single-family and multi-family homes, is a key growth driver. Suburban expansion and renovation trends in the post-pandemic era have further accelerated the adoption of energy-efficient and durable building panels. Moreover, aging infrastructure in various parts of the country has intensified renovation activities, increasing the demand for modern, aesthetically appealing, and functional materials.
The building panels market is segmented by material into concrete panels, wood panels, structural insulated panels (SIPs), vacuum insulated panels (VIPs), and others. Among these, structural insulated panels stood out, generating USD 23.4 billion in revenue in 2023. These panels are highly sought after for their superior thermal insulation properties, which significantly reduce energy consumption and cut heating and cooling expenses. With energy costs rising, there is an increasing focus on energy-efficient construction solutions, making structural insulated panels a popular choice in both residential and commercial buildings.
Based on installation type, the market is categorized into floors, roofs, walls, and others. In 2023, the floors segment led the market, capturing a substantial 39% share. This growth is fueled by tightening global energy regulations, which are driving the adoption of materials that meet higher thermal and acoustic performance standards. Building panels designed for flooring are gaining traction for their ability to enhance both insulation and structural integrity. Additionally, the rising popularity of eco-friendly materials—such as engineered wood and lightweight composites—continues to boost market demand. These panels are also pivotal in prefabricated and modular construction, delivering faster assembly times and cost-efficiency for large-scale projects.
The U.S. building panels market generated USD 13.2 billion in revenue in 2023 and is expected to grow at an impressive CAGR of 7.9% from 2024 to 2032. The strong housing market, fueled by urbanization and increasing demand for single-family and multi-family homes, is a key growth driver. Suburban expansion and renovation trends in the post-pandemic era have further accelerated the adoption of energy-efficient and durable building panels. Moreover, aging infrastructure in various parts of the country has intensified renovation activities, increasing the demand for modern, aesthetically appealing, and functional materials.
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations.
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry synopsis, 2021-2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain.
3.1.2 Profit margin analysis.
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis.
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing urbanization & population growth
3.6.1.2 Rising demand for sustainable and energy-efficient construction
3.6.1.3 Advancements in construction technologies
3.6.2 Industry pitfalls & challenges
3.6.2.1 High initial investment cost
3.6.2.2 Fluctuating raw material prices
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY PANEL TYPE, 2021-2032 (USD BILLION) (MILLION UNITS)
5.1 Key trends
5.2 Concrete panels
5.3 Wood panels
5.4 Structural insulated panels (SIP)
5.5 Vacuum insulated panels (VIP)
5.6 Others
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY MATERIAL, 2021-2032 (USD BILLION) (MILLION UNITS)
6.1 Key trends
6.2 Concrete
6.3 Plastic
6.4 Metal
6.5 Wood
6.6 Silica
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY INSTALLATION TYPE, 2021-2032 (USD BILLION) (MILLION UNITS)
7.1 Key trends
7.2 Floors
7.3 Roofs
7.4 Walls
7.5 Others
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY END USE, 2021-2032 (USD BILLION) (MILLION UNITS)
8.1 Key trends
8.2 Residential
8.3 Non-residential
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2021-2032 (USD BILLION) (MILLION UNITS)
9.1 Key trends
9.2 Online
9.3 Offline
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2032 (USD BILLION) (MILLION UNITS)
10.1 Key trends
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.3 Europe
10.3.1 UK
10.3.2 Germany
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 Russia
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 Australia
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.6 MEA
10.6.1 UAE
10.6.2 Saudi Arabia
10.6.3 South Africa
CHAPTER 11 COMPANY PROFILES
11.1 Boral
11.2 CRH
11.3 Dow
11.4 Evonik Industries
11.5 Fletcher Building
11.6 Huntsman
11.7 Kingspan
11.8 Lafarge
11.9 Metl-Span
11.10 Nippon Steel Coated Sheet Corporation
11.11 Owens corning
11.12 Panasonic Corporation
11.13 Saint-Gobain
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations.
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry synopsis, 2021-2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain.
3.1.2 Profit margin analysis.
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis.
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Increasing urbanization & population growth
3.6.1.2 Rising demand for sustainable and energy-efficient construction
3.6.1.3 Advancements in construction technologies
3.6.2 Industry pitfalls & challenges
3.6.2.1 High initial investment cost
3.6.2.2 Fluctuating raw material prices
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY PANEL TYPE, 2021-2032 (USD BILLION) (MILLION UNITS)
5.1 Key trends
5.2 Concrete panels
5.3 Wood panels
5.4 Structural insulated panels (SIP)
5.5 Vacuum insulated panels (VIP)
5.6 Others
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY MATERIAL, 2021-2032 (USD BILLION) (MILLION UNITS)
6.1 Key trends
6.2 Concrete
6.3 Plastic
6.4 Metal
6.5 Wood
6.6 Silica
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY INSTALLATION TYPE, 2021-2032 (USD BILLION) (MILLION UNITS)
7.1 Key trends
7.2 Floors
7.3 Roofs
7.4 Walls
7.5 Others
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY END USE, 2021-2032 (USD BILLION) (MILLION UNITS)
8.1 Key trends
8.2 Residential
8.3 Non-residential
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2021-2032 (USD BILLION) (MILLION UNITS)
9.1 Key trends
9.2 Online
9.3 Offline
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2032 (USD BILLION) (MILLION UNITS)
10.1 Key trends
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.3 Europe
10.3.1 UK
10.3.2 Germany
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 Russia
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 Australia
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.6 MEA
10.6.1 UAE
10.6.2 Saudi Arabia
10.6.3 South Africa
CHAPTER 11 COMPANY PROFILES
11.1 Boral
11.2 CRH
11.3 Dow
11.4 Evonik Industries
11.5 Fletcher Building
11.6 Huntsman
11.7 Kingspan
11.8 Lafarge
11.9 Metl-Span
11.10 Nippon Steel Coated Sheet Corporation
11.11 Owens corning
11.12 Panasonic Corporation
11.13 Saint-Gobain
